White House economists 'confident' despite shrinking GDP and other economic woes

White House economists 'confident' despite shrinking GDP and other economic woes


The White House brushed off concerns that a dip in gross domestic product in the first quarter of the year and surging prices are worrying indicators for the U.S. economy as trade slows around the world.

“Our economists and our economic team continue to feel confident in the strength of the economy, even as we monitor a range of data,” press secretary Jen Psaki said. 

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Consumer spending and business investment are up, Psaki noted. “The decrease as it relates to exports is largely because our economy is stronger than many economies around the world.”

She attributed the slowdown mainly to “technical reasons” in remarks earlier in the week.

The Federal

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